It's OK. Critical elements are available RAM and processor speed; RAM is the more important of the two. Your machine sounds a little lightweight. I wouldn't consider less than 1GB of RAM, and don't configure any desktop machine any more without a RAID array based on (at least) 100GB hard drives. I'm not a big fan of dual-booting, but virtualizing with VMware is goodness.

I used to have dual boot for windows and linux. It really isn't that tough. Got tired of it, and never got around to any of the coding and such that I wanted to do with linux anyway. So, it's only XP pro for me now.
OH.